Finweek English Edition - - BUSINESS -

If your busi­ness can­not run with­out you be­ing there 24/7, it’s a sure sign of trou­ble. You are work­ing in the busi­ness, not on the busi­ness. Not only does this put you un­der huge strain, it ac­tu­ally puts your busi­ness at risk.

Re­cently I worked with an en­tre­pre­neur who has a cater­ing busi­ness. She loves food and her clients rave about her, but she was run­ning her­self ragged and still not mak­ing any money. When we looked at her busi­ness, it was clear that the sys­tems in place for core func­tions were very slack, par­tic­u­larly pro­cure­ment. She was pay­ing about 20% more for food prod­ucts than her com­peti­tors were. Charg­ing the go­ing rate, she was ac­tu­ally los­ing money. Be­cause she’s great at sell­ing, she tried to sell her­self out of trou­ble and in­stead deep­ened her losses, al­most go­ing broke!

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.